London-listed shipbroker Braemar has thanked its shareholders for re-electing director Joanne Lake in the face of opposition from a proxy advisory firm.

Lake was confirmed as a non-executive board member at the annual general meeting, with 74.95% of the votes.

Most other agenda items received backing of around 90%.

Braemar told TradeWinds: “A proxy advisory firm recommended not re-appointing Joanne because of her broad portfolio of non-executive director roles.

“We disagreed with this analysis, and we’re glad that the vast majority of our voting shareholders disagreed with it too. Joanne has more than 30 years’ experience in financial and professional services roles, and brings a valuable skillset to Braemar. We’re very pleased that she has been re-appointed.”

Lake is chair of the audit committee. She has worked in investment banking for Panmure Gordon, Evolution Securities and Williams de Broe.

Other directorships include Honeycomb Investment Trust, Morson Group, Henry Boot and Gateley.

The other vote that involved a minor rebellion was to grant authority to determine the auditor BDO’s remuneration, which garnered support of only 74.22%.

Not happy with delays

This is believed to reflect shareholders’ dissatisfaction with delays to financial results caused by the audit.

Braemar told TradeWinds: “We appreciate the support of our shareholders and will be continuing to engage with them and listening to their views.”

The shipbroker has scrapped results releases twice, in May and July, as it sought more time to review “the accuracy of certain foreign exchange and other balance sheet reserve accounts of the business”.

Chairman Nigel Payne said last week that Braemar had largely completed an analysis of these areas over the past three years and identified some predominantly historic adjustments.

But he said the adjustments have not had any negative impact on the underlying profitability or cash flows of the business that have been previously reported.

Investors also voted to change the name to simply Braemar, from Braemar Shipping Services, as part of its rebranding and refocusing on core broking.

The remaining business of the AGM was adjourned and the meeting will be reconvened in early October, following publication of the annual results on 30 August.

Last year, Braemar gained more shareholder support for its executive pay report after bringing in external advisors.

A total of 83.5% of investors voted in favour of the remuneration document, compared with 66% in 2020, which prompted action by the board to identify the reasons behind the number.

The company told TradeWinds that it engaged external remuneration advisors after the 2020 vote.

Recommendations for best practice were followed, Braemar added, with more detail and rationale on the pay policy provided to set this out clearly.

Rival broker Clarksons also faces regular rebellions over executive pay.